Well Done MAR! All looking good for production later in the year at no cost to the company! Not many companies on the ASX that are in this position, BCD are cashed up and ready to go. Just need ann on second JV and funding and this will fly.
? Malachite and BCD propose to establish an unincorporated joint venture to develop and operate the project and to transport the concentrate produced at Lorena to BCD’s processing facility situated at Beaconsfield in Tasmania for final treatment and production of gold doré.
? BCD will be the manager of the joint venture and be responsible for all development, operating and management functions.
? The joint venture will operate on the existing granted mining leases at Lorena (MLs 7147 and 90192 – 96) and will apply to all open cut and underground resources within the mining lease area (Refer Figure 1: Lorena Gold Project – Tenement Plan).
? In order to earn its initial equal share, BCD is required to solely fund the development of the project to the point of commercial production, including construction and commissioning of a flotation facility, capable of efficiently processing a minimum of 120,000 tonnes of ore per annum, and related infrastructure by 31st December 2013.
? Initially the net proceeds will be shared 50/50, but once production exceeds 80,000 ounces of saleable gold equivalent, Malachite’s share of proceeds will increase to 65% and after 120,000 ounces of saleable gold equivalent have been produced from Lorena, Malachite and BCD will share the product 75% MAR and 25% BCD
MAR Price at posting:
0.9¢ Sentiment: LT Buy Disclosure: Held
